KPMG Asset Management Services€¦ · Management Consulting SF Julien Ganter Partner....

KPMG Asset Management Services

kpmg.es

IV

© 2019 KPMG, S.A., a Spanish corporation and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

KPMG Asset Management Services 1

Content

B. Global investment management

industry forces at play

A. Market Overview

Introduction

D. Asset Management business cycle

C. Solutions

F. KPMG Asset Management Team

E. Real Estate business cycle


“Navigating the right path and making the right choices to adapt, evolve and transform the business is critical for any asset manager to succeed”.

Tom BrownKPMG Global Head of Asset Management

2



Introduction

“Globalization and digitalization are fundamental trends that will shape the Asset Management Industry. They create opportunities such as distribution disintermediation, cross-sector alliances, geographical shift and alpha-beta focus. After a decade long focus on regulatory and compliance, the time is now to be back in business”.

Vincent HeymansPartner. ADV Investment Services. KPMG in Luxembourg

“We have launched a KPMG Asset Management Sector initiative to serve Institutional Investors, Alternative Investment vehicles, Wealth Management entities and Real Estate and Private Equity companies operating in the asset management industry in Spain. For this, in KPMG in Spain we have built a very expert international team, involving an extensive group of KPMG Luxembourg Asset Management partners to offer to the Spanish industry both, more sophisticated and advanced solutions as Blockchain or roboadvisors implementation, and those related to daily Asset Management operations: transactions, valuations, efficiency, risk management, regulatory requirements compliance or platforms. Our expert team has international proven practical experience and works for global leading entities in asset management. With all this, how we can help you?”.

Javier MuñozHead of Asset Management KPMG in Spain


Institutional:- Pensions funds- Superannuation- SWF/Govt.- Life- Endowments- Corporates

Private:- Retail- HNW

- PE Funds- Hedge Funds- Infra Funds- Real Estate Funds

- Managed accounts- REITs- ETFs- Mutual funds

- UCITS- Close-ended

Public markets:- Equily (long and short

term)- Fixed Income- Derivatives

Hedge:- Equily- Relative Value- Event Drive- Global Macro- Multi-Strategy

Capital

Investors

Vehicles

Asset

Classes

15

6

Market overviewAThis is our understanding of the Asset Management Industry Ecosystem in which cohabit Institutional Investors, Distributors, Manufacturers, Vehicles, Servicers and Asset Classes. All of them are key. We have solutions for their needs.

Direct

4


- Wealth managers- Financial advisers- Digital platforms- DC pensions- Retail banks- Private banks- Broker dealers

Strategies:- Active- Pasive

Ownership:- Independet- Bank-owned- Insurance-owned- Owned by other

- Fund admin- Transfer agency- Custody

Real Assets:- Real Estate- Infrastucture- Agriculture- Energy- Commodities

Private Equity:- Leverage Buy Outs- Growth Investing- Venture Capital- Mezzanine Capital- Distressed

Direct

Distribution

Manufacturing

Servicing

2 3

Portfolio Companies7

4



6

Global investment management industry forces at play

B

A variety of forces are impacting the global investment management industry

2. Shift in pension fund assets

1. Megatrends and game changers

4. Focus on growth

3. Focus on costs and efficiency

6. Power balance shifting toward distributors

5. Product polarization

8. Entry of new, disruptive competitors

7. Customer experience

9. Data takes centre stage

11. Regulatory forces stress the industry distributors

10. Tax and geo-politics

12. Industry consolidation


1 Demographics, ageing population, technological breakthroughs, environmental and social impacts

2De-risking and risk–transfer for DB, growth in DC pensions, insourcing and investing direct by some asset owners

3 Pressure on margins, process efficiency, digital labor, automation

4 Geography focus (emerging market, esp. ASPAC), growth of private and retail customer.

5Fast growth of passive investments and ETFs, demand for alternative and ‘real’ assets (PE, RE and Infrastructure).

6Growth of platforms empowered by technology and retail growth, expanding role of distributors, changing product provider – distributor relationship

7Changing consumer behavior and expectations, new customer engagement and service models: digital and mobile.

8New value propositions and capabilities underpinned by strong technology base e.g. Big Data, Blockchain, Robo-Advice, AI.

10 Transfer pricing (BEPS), tax transparency, Brexit, Trump and Responsible Tax.

11Implementation of new regulations, intrusive supervisory scrutiny, costs and charges transparency, systematic risk debate, product governance, fiduciary standard, regulating fintech, cyber security.

12 New regulations, shift to passive strategies, need to achieve scale for cost optimization.

9Data value extraction anD Data management, Data security anD cyber threats, increasing traction of quant investment strategies.


KPMG Solutions

C

Deals1

2 Finance & BS

3 Risk and regulatory

4 Technology

5 Managed services*

6 Assurance

7 Strategy & Operations

* Services pending risk management analysis.


1. Deals – Financial DD

– Separation & Integration

– Restructuring

– M&A Advisory

– Debt advisory

– Valuations

– Financial modelling

2. Finance & BS – Finance Transformation

– Enterprise Performance Management

– Procurement

– IT Sourcing

– Robotics & Operational Excellence

3. Risk and regulatory – Forensic Services

– Financial Risk Management

– Internal Audit & Soft Controls

– ERM, GRC & Risk solutions

– AML remediation

– Compliance

– AIFMD reporting

– FATCA & CRS

– KYD (Know Your Distributor)

– AEOl Services

– CGT & WHT

– BEPS

– MiFID II

– Brexit

– iTax Automated for AM

– KIDs / PRIIPs

– RegTech

4. TechnologyData & Analytics

– Advanced Analytics & Big Data

– KHUBE (Fintech Search Engine)

– Business insights

– Data Management

Ciber Security

– Cyber Security Services

– Data Privacy Services

– Cyber Technology Services

– Cyber Security Assurance

Digital Advisory

– Digital transformation

– Innovation Advisory

– Digital Enablement

Enterprise Solutions

– DLT & Blockchain

– Bitcoin

– IT Alliances

– GRC Technology

– Intelligence Automation

5. Assurance – IT and Cyber Assurance

– Sustainability and Climate Assurance

– Algorithm and Data Assurance

6. Strategy & Operations – Custom Strategy

– Growth Strategy

– Commercial DD

– Operational DD

– Operational Strategy & Execution

– Customer/Channel management



10

KPMG can attend all the needs that arise from each phases that comprise an investment cycle: from the formation and capital accumulation to the realization and exit. As a team our specialists work together and in a coordinated way to collaborate in the investment processes of our clients maximizing our contribution.

Asset Managementbusiness cycle

D



Vehicle structure design

Fundraising enablement networking

Listing/IPO work

Accounting considerations

Audit

Debt restructuring

Disposal of investments

Investor issuesTax services

Tax Investor tax reporting

Opportunity identification

Advice on structuring the underlying investments

Acquisitions due diligence

Feasibility analysisExit strategiesInsolvency services

Regulatory assistance

Transformation

Strategy advisory

Business flow


Realisation & Exit6

Restructuring Refinancing & Divesting5

Operation & Business efficiency4

Performance Reporting & Plan Delivery3

Investment Acquisitions2

Formation & Capital accumulation1

12

Real Estatebusiness cycle

E


The following outline shows the Real Estate Investment Cycle broken down into their main phases from the investment requirements rationale to the disposal/sale. Through our understanding of the whole Real Estate value chain, KPMG can deliver any potential service to meet any of the business requirements at any given phase of the Real Estate Investment Cycle.

KPMG´s Real Estate Bespoken Services

Transactions

Legal

Value Added

Audit and Accounting Services

Restructuring

Tax and Regulatory Compliance

1

4

2

5

3

6

Off

-Bal

ance

Sh

eet

Investment Requirements DefinitionRationale Understanding1

RE Asset TargetingVia Equity / Debt / Asset2

Due DiligenceTechnical, Financial, Tax and Legal3

4Acquisition Via Fundraising / Capital Increase / Recoveries

ManagementHolding Period5

Value AddedCapex Deployment6

Disposal/ Sale of Assets7

Bal

ance

Sh

eet


Real Estate Investment Cycle


14

KPMG Asset Management Team

FJavier Muñoz Neira

Partner. Head of Asset Management

E: [email protected]: +34 914563826

Pascal Denis

Partner. Head of Advisory (Lux)

Miguel Ángel Martín Aguado

Partner. Head of Transaction Services Financial Institutions Group (FIG)

Vincent Heymans

Partner. ADV Investment Services (Lux)

Francisco Javier López Torres

Partner. Responsible of Real Estate Sector

Ravi Beegun

Partner. AU- International Asset Management (Lux)

Victor Mendoza Aguado

Partner. Head of Financial Services Tax

Said Fihri


Ana Rosa Cortez

Partner. Responsible for financial instruments accounting and treasury advisory

Clément Welter Associate Partner. ADV-Investment Services (Lux)

Mickael Tabart Partner. AU-Private Equity (Lux)

Gonzalo Montes Amayo

Partner. Debt Advisory & Restructuring Deal Advisory

Chrystelle Veeckmans

Partner. AU – International Asset Management (Lux)

Carlos Trevijano Aristegui

Partner. Responsible of Management Consulting SF

Julien Ganter

Partner. ADV-MC-Customer & Operations (Lux)

Antonio Lechuga Campillo

Partner. Audit - Financial Services. Head of insurance

Carlos Zayas Pinedo

Partner. Financial Risk Management

Marc Haan


Borja Peñas De Bustillo

Partner. M&A Financial Institutions- Asset Management

David Capocci

Partner. Head of Alternative Investments, TAX-Alternative Investments (Lux)

Ovidio Turrado Sevilla

Partner. Responsible for the Infrastructure Sector

Marc Martínez Marce

Partner. Responsible for IT Advisory in AM Sector

Miguel Mora Santesmases

Director. FRM, Responsible of Asset Management Services

María Pilar Galán Gavila

Director. FS Legal

Ramón Pueyo Viñuales

Partner. Head of Sustainability Services and Corporate Governance


kpmg.es

The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.


KPMG and the KPMG logo are registered trademarks of KPMG International Cooperative (“KPMG International”), a Swiss entity.

KPMG Asset Management Services€¦ · Management Consulting SF Julien Ganter Partner....

Documents

Transcript of KPMG Asset Management Services€¦ · Management Consulting SF Julien Ganter Partner....